All associations are required to comply with HB 13-1276 by January 1, 2014. What happens if you don't comply?
- You cannot take any action to collect delinquent accounts through a third party;
- You will be in violation of Colorado law, which may open you up to payment of attorney fees;
- You may be prohibited from collecting past due assessments;
- HindmanSanchez will not send out new demand letters on new delinquencies;
- HindmanSanchez will not take any action on accounts currently with our office;
- Your board members may be breaching their fiduciary duty.
So, don't delay. Get your collection policy updated NOW and revise your notices. If you need assistance with these any of our attorneys can help.